BRITISH energy giant Shell saw profits tumble 29 per cent last year after oil and gas prices fell.
However, its £22.4billion earnings were still higher than all but one year since 2011, pushing shares up nearly 3 per cent.
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Shell announced an increase of 4 per cent in dividend payouts to shareholders, and also revealed a £2.8billion share buyback scheme which pleased markets.
The all-time-high profits of £32.2billion came in 2022 on the back of soaring oil and gas prices in the wake of the Russia-Ukraine war.
Shell has come under fire from climate change campaigners over the past year amid accusations it is prioritising shareholder returns over net-zero goals.
Greenpeace activists made their feelings known today by dressing as executives and holding a mock “profit party” outside Shell’s London HQ.
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They drank champagne and danced around a burning sign reading “Your Future”.
They were angered by the oil company’s move last summer to drop a pledge to cut oil production each year for the rest of the decade.
Shell boss Wael Sawan said Shell had cut greenhouse gas emissions from its own operations by up to 60 per cent.
He added: “We’re working hard to deliver the energy the world needs today and helping to build the energy system of the future.”
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Sawan said Shell was “progressing towards its goal of net-zero emissions by 2050”.
Russ Mould, of AJ Bell, said: “Sawan has provided a clear indication he is prepared to prioritise returns over net-zero commitments.”
He said Shell’s biggest strength is “its leading position in the whole gas market.”
He said experts see gas as crucial as the world weans itself off oil and coal and on to greener alternatives.
BT REAPS REWARD OF HIKES
TELECOMS giant BT said it is “on track” to meet targets after being boosted by price increases in the latest quarter.
Over the period it hit millions of broadband and mobile customers with 14 per cent price rises, which helped revenues climb 3 per cent to £15.8billion over the three months to December 31.
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BT also enjoyed extra fibre product sales in its Openreach arm and from higher roaming charges and price rises in its business division.
Today new boss Allison Kirkby took charge from Philip Jansen, to become the first female chief of the firm.
She said she is looking forward to leading it through the “next phase of development”.
BT has committed to spending £15billion on the rollout of full-fibre broadband in the UK.
However it warned that it would continue to lose broadband customers this year because of “ongoing weak” conditions in the market.
RED SEA WORRIES
SUPPLY chain disruption caused by troubles in the Red Sea has further hit the UK’s manufacturing sector.
Manufacturing production declined for the 11th month in a row in January, according to the S&P Global/CIPS UK manufacturing PMI survey.
Rob Dobson, of S&P Global Market Intelligence, said: “The ongoing weakness is leading to an increasingly cost-cautious approach at manufacturers.”
JOB CUTS AT TSB
TSB’s Spanish owner Banco Sabadell has warned of job cuts and branch closures at the British bank this year.
It has set aside £29million for restructuring costs in 2024.
Boss Cesar Gonzalez-Bueno confirmed there would be staff reductions but did not confirm the numbers.
TSB currently has 5,426 employees and 211 branches in Britain.
When asked about details on the planned cuts, TSB said: “As with any announcements about changing how we operate, we always consult with our colleagues first.”
DEUTSCHE Bank will axe 3,500 jobs by the end of 2025 to slash costs.
The German bank employs 7,000 UK workers but would not say how many of them will be hit.
It said the move is part of efforts to cut £2.1billion of costs and improve profits.
TAX TO THE MAX
A RECORD 11.5million people submitted their self-assessment tax returns for 2022 to 2023 by the midnight deadline on Wednesday, January 31, HM Revenue and Customs said.
Some 32,958 people left it to the last minute by waiting to file between 11pm and 11.59pm.
Those who missed the deadline and pay late can appeal against fines if they have a reasonable excuse.
Myrtle Lloyd of HMRC said: “Anyone who is concerned that they cannot pay in full may be able to spread the cost of what they owe.”
RANK’S FULL HOUSE
RETURNING punters helped casino and bingo hall firm Rank Group swing back to a profit in the last six months.
The Mecca bingo and Grosvenor Casino owner said “busy trading” over the Christmas and New Year helped it make a £10.4million profit in the six months to the end of December.
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It was a major bounce back from a £109.1million loss in the same period a year earlier.
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CEO John O’Reilly said: “After a very challenging few years for Rank due to a wide range of external macro factors, we are improving our profitability.”
He said Rank is eagerly awaiting government gambling reforms that could include a rise in the number of machines allowed on casino floors and the introduction of cashless payments.
